Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill

This Act may be cited as the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act, 1975, and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Section 5 of the Economic Expansion Incentives (Relief from Income Tax) Act (hereinafter in this Act referred to as “the principal Act”) is hereby amended —

Section 6 of the principal Act is hereby amended by inserting immediately after the word “years” appearing at the end thereof the expression “or such longer period, not exceeding ten years, as the Minister may determine”.

Section 10 of the principal Act is hereby amended by deleting subsection (3) thereof and substituting therefor the following: —“(3) For the purposes of subsection (2) of this section,“fixed capital expenditure” means capital expenditure which has been or is intended to be incurred by the pioneer enterprise, in connection with its pioneer product, on its factory building (excluding land) in Singapore, and on any new plant or new machinery used in Singapore and, subject to the approval of the Minister, on any secondhand plant or secondhand machinery used in Singapore.”.

Section 25 of the principal Act is hereby amended by deleting paragraph (b) of subsection (1) thereof and substituting therefor the following: —“(b)being a pioneer enterprise, commences on the first day of its export year or, if the export year falls within the period of its old trade or business, on the date of the commencement of its new trade or business, and continues for a period of three years.”.